Cyber Risk Insurance
Currently cyber risks are no longer a new type of threat and each organization needs to think about how cyber risks can affect its financial performance.
In the best case scenario, a successful cyber attack underscores the weaknesses of the attacked company's computer system. In the worst case a cyber attack will lead to the termination of the company’s activities, stolen data being sold on the Internet and both the company and its customers suffering financial losses.
As a solution cyber risk insurance designed to cover both liability to third parties for information leaks and the company's own damage, as well as losses from business interruption and extra expenses for resolving a cyber incident.
Risks covered under cyber risk insurance program:
- Direct loss (First party Coverage) - business interruption, data recovery costs, loss of revenue as a result of failure of IT networks or websites;
- Damage caused to third parties (Third Party Coverage) - the liability for the data safety, legal expenses due to liability for breaking the confidential information database;
- Additional expenses - expenses for legal support, reimbursement of fines and penalties due to violations of confidential information;
- Additional services - related to the settlement of the incident consequences (client notifications, forensic examination, expert support).
Advantages of Working with Aon
- The Aon Cyber Risk Team has unique expertise in helping clients identify, track and mitigate cyber threats;
- With a leading position in the industry the Aon International Cyber Risk Department is a team of 60 professionals with strong technical backgrounds, experience in developing insurance programs, with strong relationships with insurers and a successful claim settlement practice;
- Team members collaborate and share experiences while in different parts of the world. Regional centers are based in San Francisco, Denver, Chicago, Miami, New York, London and Bermuda;
- Aon designed its own Cyber Threat Detection Program - Cyber Diagnostic Tool and CyQy.
Diagnostics affects five main areas:
- General profile;
- Computer infrastructure and equipment;
- Data privacy protection;
- Cyber attacks, system crashes and data leaks.